Consumption bias–US versus EU

Monica Prasad’s insightful op ed in yesterday’s NYT is here.

Money quote:

Where Europeans focused on restraining consumption, Americans saw consumption as the machine that drives growth — and we still do.

Hmmm…so what did the Europeans focus on? Apparently infrastructure and production capacity. Not sure how that worked out for them…

Meanwhile Olivier Guez has this take, here. Apparently Europeans need a culture that is more pan-European, just like in 1913….not sure how that worked out either….